The biggest expense for international students on weekdays is tuition. The role of tuition in tax declaration is to offset income, so as to achieve the purpose of paying less taxes. If there is no income in the tax year, then the tuition fee will not work. However, if you apply for tuition fees, once you have income, you need to pay taxes later, and tuition fees will help you get more tax rebates. Tuition declaration, no matter how long, can be made up.
Paying rent is also a big expense for studying abroad. Provide address, residence time, rent amount and landlord's name when filing tax returns, and at least get the housing subsidy tax refund in 300 yuan. It should be noted that it is not necessary to provide a rent receipt when filing tax returns, but the government may require a receipt after filing tax returns or even after tax refund. If you can't provide receipts or sufficient evidence, the government has the right to demand a refund of the taxes and extra interest received. Therefore, it is very important for international students to keep the receipts of these rents properly.
Living in Canada inevitably leads to consumption. International students enjoy the same tax refund treatment as domestic residents, which many international students do not know. Generally speaking, after paying taxes, the government will subsidize a GST every quarter from July of the following year, and each person can get at least 242 yuan of consumption tax rebate every year.
If there is no social insurance number (SIN), please fill in the form T 126 1 on the website of the tax bureau to apply for a temporary tax number for non-resident individuals. With this number, you can get the forms and materials needed for tax return, and then you can apply for tax return.
Every March or so, the post office has a free tax declaration and tax declaration guide. You can also visit the official home page of CRA (Tax Bureau) and ask to send it home. CRA also accepts online applications and sends complete tax return information directly to CRA in the form of netfile through the network. Es migration
All or part of GST or HST
Pay. This means that GST/HST subsidy is part or all of GST/HST paid by the government every quarter to compensate low-income individuals and families. Please note that this part of the subsidy is tax-free.
Under normal circumstances, taxpayers will pay taxes of the previous year before April 30th, and the government will pay GST/HST subsidies every three months from next July. Usually, each person can get up to $250 a year, which will be gradually reduced according to the income of individuals or families in the future.
Since 2002, the federal government has implemented a new commodity tax/uniform sales tax subsidy regulation. According to the regulations, immigrants, international students who entered Canada after June 5438+1 October12002, and even visiting scholars and relatives who plan to stay for more than half a year can apply for this subsidy, counting from the date of entry. Therefore, this subsidy is also called "land tax". It is worth noting that even if you are eligible for this subsidy, you still need to apply. If you don't apply, the government won't take the initiative to give you this subsidy. Therefore, if international students want to get this subsidy, they must first complete the tax declaration.
2. Housing subsidies
Ontario residents who meet the tax return requirements, including international students, can get part of the rent subsidy if they pay the rent and have no income or low income. If you want to apply for this subsidy, you must provide: residence address, residence time, the amount of rent paid, the name of the landlord (or the name of the real estate company). If you have lived in different places within one year, you should fill in every place. It should be reminded that although it is not necessary to provide a rent receipt when filing tax returns, those who declare this subsidy must keep the rent receipt, because the tax bureau may write to the applicant to ask for a rent receipt after returning this subsidy. If the applicant can't provide a receipt, the tax bureau will ask the applicant to refund the subsidy with interest. If you buy a property while studying abroad, the property you pay will be reduced.
Tax), according to your income, you can also get a corresponding proportion of housing subsidies.
3. Tuition declaration (tuition waiver)
This is the place that international students need to focus on, because the total cost of studying abroad is often a large sum. Unfortunately, many international students did not declare or only declared tuition fees in some years.
Usually, before applying for tuition credit, you need to get the T2202A form from the school. International students can download it from the school's website, or directly ask the students for it, or ask for a lost receipt. Although tuition fees are non-refundable tax credits in tax returns, that is to say, only when you have income can you offset your income, thus achieving the purpose of paying less taxes.
However, because tuition credits can be accumulated indefinitely and carried forward to the next year (unlimited carry)
Forward) until you have income that can be deducted from tuition by credits. You reported the tuition fee, and once you have income to pay taxes in the future, the tuition fee will help you get more tax rebates. Simply calculate, if you spend $70,000 while studying abroad and earn an average annual income of 400 million yuan after graduation, this deduction can usually save you about 1.5 million yuan, which means that you don't have to pay taxes for almost two years or you can apply for a refund of the taxes you paid at work. There are also very humanized regulations of the Canadian Taxation Bureau. Even if you have no income or insufficient income that year, if you are married or have children, you can still credit your tuition.
Transfer for your spouse or children.